Renovations That'll Make You Rich

DIY Network's Million Dollar Contractor shows you how to raise the value of your home without spending a fortune

By Andrew Daniels

A man's home might be his castle, but few of us have the funds to live like kings. "In this economy, it's easy to say 'I've got what I've got, and that's that," says Stephen Fanuka, host of DIY Network's Million Dollar Contractor. But just because you can't splurge on a four-car garage or a private screening room doesn’t mean that you can't boost your house’s market value (and personal appeal). Follow Fanuka's 10-step home improvement plan to make yours the envy of your block.

STEP 1: Decorate Your Doors
"Swap old knobs, hinges, and cabinets with finished metal pulls and handles," says Fanuka. You'll drop just $3 to $5 per piece at most hardware stores, and your guests will take notice. "Instead of sappy, wooden, painted knobs, their eyes will bounce off the metal," Fanuka says. "It's like putting chrome on your car."
STEP 2: Mold Your Environment
"Adding molding on doors, ceilings, walls, and windows brings a third dimension to rooms, making them look bigger and more lavish," says Fanuka. Take the flat-framed door to your den, for example: For less than $100 you can buy panel molding, rent a miter box saw, and create the appearance of a recessed panel door. "It creates sneaky visual depth," says Fanuka. Pimp your windows with casing molding, your ceiling with crown molding, and your floors with base molding. Depending on how far you go, you'll spend about $150-300 per room.

STEP 3: Refresh Your Tiles
Bathroom renovations can run into the tens of thousands, but re-grouting your tiles is a fast, easy, and (most important) inexpensive alternative. Scrape out the old grout first, then pick a fresh color to breathe new life into a tired décor, says Fanuka. "I like to blend the color as close to the tile as possible, so it appears almost like a clean, solid sheet." Cost to you: Around $10.

STEP 4: Single Out a Wall
Re-painting is an easy way to upgrade a room. But if you really want to make it pop, only paint one wall. "Take the main one that people will see and put your favorite color on it," says Fanuka, adding that the total cost to you will be about $25 (the price of a gallon of paint and a roller). "Your eye will immediately jump to it—it's like putting a giant mural on your wall." If you're repainting a dark wall in a lighter color, be sure to apply a layer of primer first, and then three coats of top paint.

STEP 5: Lighten Up
"Changing light fixtures is easy, and it adds elegance on the cheap," says Fanuka, adding that many stores sell hip ceiling and wall mount fixtures for less than $100. Just make sure the switches are turned off before you start fiddling with wires (flip the room’s circuit breaker to play it safe). "Also, take a picture of the original wiring with your phone," suggests Fanuka. That will save you the trouble of remembering which wire goes where, and potentially getting your currents crossed.

STEP 6: Switch up Your Switches
Replacing normal light switches with dimmers (from $5-$15 a piece) allows you to change the aesthetic mood of a room, says Fanuka. Keep it bright for ballgames and family time, and dim for romantic interludes. "Changing the light level will also visually change the shade of the paint—something you can't do with simple on-and-off switches," says Fanuka. (See video above for demonstration on how to install a dimmer.)

STEP 7: Give Your Floors a Facial
Dents, dings, scratches, and pet "accidents" are par for the course for most floors. And in just two days you can erase them all. Here's what you'll need: A 110-volt sander (most home improvement chains rent them), sand paper, wood stain (Fanuka recommends mixing equal parts Minwax Walnut and Minwax Jacobean), and two coats of satin finish, water-based polyurethane (it's less toxic and faster drying than oil-based). Total cost to you: Around $300. "Your floors are your house's unsung heroes," Fanuka says. "Most people just pay attention to their walls, but a nice job on your floors can give your house a whole new look."

STEP 8: Fence Off Your Yard
Not only will installing a fence help protect your property from passersby, but it will also distinguish your land from your neighbors'. "It's an aesthetically pleasing way to say, 'This is my yard, not yours,'" says Fanuka. "In a way, it brings out the man in you." Well-designed 8-foot fence panels run about $60 a piece, but check your city ordinances before you settle on a style and size. "It's also an unspoken rule to give the nicer looking side of the fence to your neighbor," says Fanuka. "Don't break it."

STEP 9: Illuminate Your Lawn
There are 24 hours in a day, but people can only appreciate your house's beauty for half the time—unless you illuminate it after dark. Fanuka recommends scattering several small outdoor light fixtures—around $20 a piece—under shrubs, and placing uplights under tall trees. "All it takes is a couple of lights to enhance your home's appeal day and night," says Fanuka. "Low-voltage bulbs (10-20 watts) will do the trick, and they'll last for 5 years."

STEP 10: Lose The Bells and Whistles
Gone are the days of old-fashioned doorbells. "Video intercom systems are a classy add-on to any house, and they help keep solicitors at bay," says Fanuka. "Installing them is easy—it's just like re-wiring light switches." Don't want to mess with your electrical system? Go wireless. Cost: $150 to $300.

Check out new episodes of Million Dollar Contractor on the DIY Network, Sundays at 10pm EST.